Iran has stated that its crude oil production increased to 3.2 million barrels per day (mmbbl/d) according to Iranian Minister of Oil Javad Owji.

A report by IRNA news agency stated that Owji predicted that the country’s production of crude oil would surpass 3.3 mmbbl/d by late August.

Owji also mentioned the ministry’s plans to invest in oil and gas industry projects, pointing out that semi-finished civil projects worth $15 billion will be operational by the end of the current Iranian calendar year.

Iran production of 700 million cubic meters out of one billion cubic meters of gas are supplied from the South Pars gas field in the Persian Gulf, in addition to some 50% of Iran’s gasoline is produced from this gas condensate field.

Deputy Oil Minister Mohsen Khojastehmehr had previously stated that Iran is expected to produce as much as 3.5 mmbbl/d by late September.

According to energy analysts quoted by Bloomberg, Iran’s oil exports have never been as high as since the resumption of sanctions against the country.

Atalyar quoted a report issued by the International Energy Agency (IEA) last month indicated that Iran’s crude oil production increased by around 350,000 bbl/d since the start of 2023. “Despite severe financial restrictions, Iran has managed to increase crude oil production by about 130,000 bbl/d in 2022 to an average of 2.55 mmbbl/d, and by 350,000 bbl/d since the beginning of this year,” the IEA stated.

While Tehran has seen a maximum increase in oil production, the other OPEC member states have seen their production stabilize or even fall. Thus, the undeclared increases in Iranian production are worrying OPEC, which has for some time been pursuing a policy of cutting production in order to control barrel prices.